Iceland

Corporate taxation

The corporate income tax rate in Iceland stands at 20% since 2011, one of the lowest in the world. These 20% stand for limited liability companies and limited partnership companies. Corporate income tax for other types of legal entities (e.g. partnerships) is assessed at a rate of 37.6%.

Transfer pricing

Transfer pricing provisions are contained in Income Tax Act no. 90/2003, article 57. The provisions of Article 57 do not contain a reference to the OECD TPG, but the provision takes into account the guidelines. Reference is made to the TPG in Regulation no. 1180/2014 on documentation and transfer pricing between related legal entities

Links

Transfer Pricing Case Law

Case NameDescriptionDateCountriesKeywords